Celadon says quarter will beat market expectations
INDIANAPOLIS (AP) — Celadon Group Inc. expects its fiscal first-quarter results will beat market expectations as a result of recent acquisitions and cost-control measures.
The trucking company issued the quarterly profit guidance on Friday ahead of an investor meeting at the American Trucking Association conference on Monday.
Celadon expects to earn 34 to 36 cents per share for the quarter that ended Sept. 30. That beats the 32 cents per share that analysts polled by FactSet forecast.
The company will report its full quarterly results on Oct. 23.
The company has been buying up stakes in a number of businesses to increase its fleet. Those deals include the purchase of a portion of USA Dry Van Logistics in August and an agreement in June to buy a portion of the operating equipment of Hiner Transport LLC.
Celdaon said the acquisitions have increased its capacity and revenue. It also has cut some costs and has a newer fleet of trucks compared to its peers, which leads to lower maintenance costs and better fuel economy.
The company, based in Indianapolis, provides freight and logistics services across North America.
Celadon shares rose 1 cent to close at $15.24.